Regular Savers, a waste of time...

fullstop

bluebell_lily wrote: »

sloughflint,

why does it say [SIZE=+1]
We're sorry, [EMAIL="xxx@gmail.com"]xxx@gmail.com[/EMAIL] does not have permission to access this spreadsheet. [/SIZE]

Works for me !!!

siamese0109

Mini_Bear wrote: »

I have just found the Halifax International (based in Isle of Man) lets you save up to £2k/month at 8% for 12 months. Anyone hav any reasons not to do this? Other than its inflexible - no withdrawals and deposits must be by standing order). I checked the HMRC website and the scheme is covered for compensation on deposits up2 50k. Am i missing something?!

Can you put a link for where you found this please? The highest I can see on that site is 6%

YorkshireBoy

siamese0109 wrote: »

Can you put a link for where you found this please? The highest I can see on that site is 6%

They've reduced the rate quoted on their site because "The rate on your Regular Saver Account is not fixed until the receipt of your first standing order", and you won't be able to deposit before 9th December...the effective date for the interest rate drop from 8% to 6%.

http://www.halifax-international.com/Savings/regular-saver.asp

sloughflint

bluebell_lily wrote: »

sloughflint,

why does it say [SIZE=+1]
We're sorry, [EMAIL="xxx@gmail.com"]xxx@gmail.com[/EMAIL] does not have permission to access this spreadsheet. [/SIZE]

It's the first document I've published but I think the way it works is that you should be able to view the spreadsheet from the link I gave but to edit, there is an option to request permission or something like that?
I received a request from j.martin3.

realaledrinker

Listen to this from Saturday's Money Guardian letters page:

"I drip feed £100 a month into an Abbey Reg Saver account paying 7.25%. I will end up with £1,248 after a year. A Whisker over 4% gross"

NO, YOU BOZO - YOU NEED TO DIVIDE THE INTEREST EARNED BY THE AVERAGE BALANCE OF £600 NOT THE END OF YEAR BALANCE OF £1200. GUESS WHAT - THIS WORKS OUT AT 7.25%

Probably a Guardian-reading maths teacher.

ragingbass

Can't believe this thread is still going, lol!! Been reading with interest for the last week or so, so will throw my cents in as they say.

Unfortunately, my employer pays me by the month and doesn't give me a lump sum at the beginning of the year. So if I have a regular amount I can save each month and get a better return for it, why wouldn't I do that? But if I did have a lump sum available to invest, then obviously I'd put the whole lot into the best savings account available.

I don't think there's anything sinister or underhand about how the banks promote or sell these products. If people invest in the the wrong product because of their own preconceptions, then that's their problem and not the banks.

I only see the regular savings accounts as being a supplemental thing and is similar to say overpaying on your mortgage.

sloughflint

ragingbass wrote: »

But if I did have a lump sum available to invest, then obviously I'd put the whole lot into the best savings account available.

I only see the regular savings accounts as being a supplemental thing and is similar to say overpaying on your mortgage.

Someone else unconvinced about the merits of drip-feeding lump sums into RSs.
I've demonstrated equivalent percentages.What else can I do?

It's a shame because people are missing a trick if they don't need access to the funds.

ragingbass

You've misunderstood the point I was trying to make sloughflint, probably because I didn't explain myself too well. I currently invest the maximum I can into RSs each month, as well as having savings accounts.

Yes, if you drip feed from a savings account into an RS account then you're maximising you're interest.

Nick_C

Glad you get the point ragingbass, but some people on here are just beyond help!